Investview

Index

Investment Views (July 24th 2000)

Markets in General

Friday was options expiration day. Therefore we're not sure, if
the market will correct seriously next week. But the technicals of the
markets have improved. So we do not expect a long and nasty
correction. The Dow should not fall below 10200 again and the Nasdaq
composite index should hold above the 4000 level. The earnings have
not been bad at all. We remain cautiously optimistic. But the markets will
remain very cautious until after the August Fed meeting.

The European markets have generally followed the US markets' ups and downs
last week. But the upward climb is much more strenguous here than in the
US. The volume is still extremely low. Europe remains in summer doldrums.
The tech stocks in Europe are still in correction. We do not see the stocks
breaking out of their sidewards movements anytime soon.

The Swiss market is becoming tired and doesn't seem to be able to get above
the 8000 level. But with Roche so weak, we wouldn't bet that the market has
much downside momentum either. But the market cannot remain in such a
narrow range forever. It has to breakout one way or the other.

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Stocks

Our favorite stocks remains SAP, Nokia, Ericcson, Cable and Wireless.

High of the Year	Low of the Year	Price and year of recommend.	Performance since recommend.	Stock	Last Week's Close	Daily high	Daily low	This Week's Close
7989.80	6968			SMI	7903.70	7961.50	7900.20	7900.40
E 90	50	53.5 (2000)	+48.41%	AT&S	79.40	89	88.20	88.60
SFr. 4000	2475	1351(1998)	+180.90%	Bachem	3795	3790	3626	3750
Gbp17.56	3.13	6.50		BaltimoreTech	6.95	7.20	6.45	6.50
		260 (2000)	+5.38%	Biodata	274	274	270	273
Gbp 15.77	8.28	4.9(1998)	+151.02%	C&W	12.30	13.52	12.98	13.25
E 368.90	210.10	140(1998)	+35.21%	Cap Gemini	189.30	214.50	198	210
SFr.44.25	21.5	10(1998)	+252.5%	Ericsson	35.25	35.60	32.50	33.70
E190	66.40	129 (2000)	-18.2%	Epcos	108.50	120.30	116.30	117.50
E.199	E.32	28 (1999)	+220.71%	Evotec	89.80	94.50	89.10	90
E 97	70.25	37.8(1998)	+133.33%	LVMH	88.20	91.60	89.25	91
Sfr.275	133	60(1999)	+200%	New Ventur	180	178	173	174
E.64.90	37.50	7.50(1997)	+642.66%	Nokia	55.70	59.25	56.80	57.81
SFR.19400	17600	SFr.16900** (2000)	-.06%	Roche GS	16890	15940	15735	15750
SFr.456.33		46.66(1997)	+442.99%	SAP	244.50	313	297	300
E 96	54	17.7(1999)	+180.22%	Sonera	49.60	52.50	50	50.40
SFr.850	660	460(1998)	+80.65%	Syn-Stratec	831	863	835	850
SFr1050	661	703(2000)	+39.4%	Think Tools	980	935	922	931
E 73.30	16	14.9(1999)	+322.82%	Zeltia	63	59.50	59.50	59.50

*We decided to calculate the performance since recommendation, because we have recommended the different stocks
to buy at different times. Since we're convinced that one should be long term investors, we think the performance
since recommendation is a better reflection of our goals. **adjusted for Givaudan spinoff.

Handset sales has been dispointing for the first half of this year. The management admitted that they
will not be able to expand their market share, because of components shortage and the product lineup.
On the other hand the infra-structure side of the business has been excellent and they have expanded their market share. So the shares have moved downward on Friday, but not punishingly so.

This week we decided to add Baltimore Technologies to our recommended list. Baltimore
technonologies is in the software decoding business. We find that the market correction has
been overdone. We're still optimistic for this part of the internet software business.

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Currencies and Bonds

The dollar recovered along with the US stock markets. It has remained quite
strong last week. We expect the dollar to challenge the Euro again next week.
Again we expect the Euro support level around .90 to hold.

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Future Trends

Investors seem to be cooling towards the idea of the 3rd generation wireless
telephones. But it is a technology that is coming to the market within the
next couple of years. So why is the stocks of Qualcomm down so much
and that of Ericsson and Nokia are going nowhere? The problem seems to
be the high 3rd generation licence fees that countries in Europe are demanding
from the telecom companies. People seem to think that the sky-high
cost could delay the implementation and that telecom companies
might be tempted to only build the 3rd generation systems in areas
where the telephone charges will be able to cover costs. Therefore
the capacities build might be much smaller than anticipated. On the
other hand people should take into consideration that the telecom
companies might be very anxious to get their systems going as soon as
possible, because the licence fees are so high. They will need the
income stream generated by the new systems as soon as possible.
Plus companies like Qualcomm and Ericcson will only stand to
profit from the building and converting the present telephony system
to the new standards. The question will be how much and how soon and not
if at all. We recommend buying these stocks on weakness.

*The stock prices are provided for informational purposes only and not intended for trading purposes. The opinions expressed in these pages are what they are: opinions!